Startale Labs has announced a successful Seed Extension Round, securing $3.5 million in funding to further enhance its Web3 product development. Samsung Next and UOB Venture Management are the key contributors to this round, bringing the total seed funding to $7 million, which includes the $3.5 million secured in September 2023 from Sony Network Communications. The additional funds will be utilized to attract top talent globally and accelerate the development of its Web3 products and services.

The strategic fundraising effort targeted prominent players in the Asian market, aiming to establish Startale Labs as a major player in the Web3 landscape, particularly in Asia.

This milestone follows Startale's collaboration with Sony Network Communications in a joint venture aimed at developing blockchain solutions for the community. The beta version of Startale Web3 Cloud has been deployed, providing developers with convenient services for developing and managing blockchain infrastructure.

Sota Watanabe, CEO of Startale Labs, emphasized their commitment to product development and global talent recruitment to position the company as a leading Web3 player in Asia and beyond. He expressed gratitude for the support received from prominent Asian enterprises, including Samsung, Sony, and UOB Venture Management, within just one year since Startale's establishment in January 2023.

Paul Ng, the lead investor and executive director of UOB Venture Management, expressed satisfaction with the support provided to Startale Labs and highlighted their strategic positioning to promote Web3 adoption, especially in Asia. He anticipates facilitating the integration of new users into Web3 through real-world applications.

The joint venture between Startale and Sony, established as Sony Network Communications Labs Pte Ltd, aims to offer value-added services in various segments such as music, pictures, and entertainment. Leveraging Startale's technical expertise and Sony Network Communications' experience in IoT, communication, AI, and solution services, the venture aims to deliver innovative solutions to its users.

The capital alliance between Sony Network Communications and Startale laid the foundation for this development, with Jun Watanabe appointed as the director of Startale Labs, bringing extensive experience from his previous role as President and Representative Director of Sony Network Communications.

As Startale Labs awaits the outcome of its fundraising efforts, further details regarding Web3 product development and talent recruitment are expected to be unveiled soon, underscoring the ongoing activities and advancements within the Web3 industry.